Las Vegas Appreciation Map Released for 2009

Las Vegas Zip Code Map 2008 2009 as published in the Las Vegas Review Journal

FHA Relaxes Anti-Flipping Rule

FHA Relaxes Anti-Flipping Rule

Beginning Feb. 1, the Federal Housing Administration will provide mortgage insurance for some purchases in which the seller bought the property and held it for fewer than 90 days.

The agency is changing what is known as the “anti-flipping rule” to speed up sales of renovated homes in communities with too many bank-owned and foreclosed homes, says FHA Commissioner David H. Stevens.

Waiving the 90-day rule will encourage private investors to buy vacant properties, fix them up, and quickly sell them to buyers who will be eligible to buy them using FHA financing.

FHA’s change “is going to be absolutely terrific” for first-time home buyers hoping to take advantage of the tax credit, says Bobby Taylor, an associate with Coldwell Banker Mountain West Real Estate in Salem, Ore.

Source: Washington Post (01/30/2010)

REALTOR® Magazine-Daily News-Loan Modifications Hit Credit Scores

REALTOR® Magazine-Daily News-Loan Modifications Hit Credit Scores

Applying for a mortgage modification and being in a months-long trial period can devastate a home owner’s credit score.

Under the government plan, troubled borrowers can have their mortgage payments reduced to 31 percent of their pre-tax income. They are first put in a trial modification for several months to test whether they can meet the requirements of the new mortgage.
Borrowers who were previously current on their mortgages will see their FICO scores fall about 100 points while they are in the trial period, according to the Treasury Department. Borrowers who were previously late or missed payments will see their scores fall more, the government says.

The longer a borrower is in the trial period, the greater the impact on their credit scores, Once the modification is approved, the borrowers’ mortgage credit status will be listed as current and that should improve their scores, the Mortgage Bankers Association explains.
Even so, the delinquency remains on credit reports for up to seven years and can make getting credit for something else like a car difficult and expensive, borrowers report.

Source: CNNMoney.com, Tami Luhby (12/28/2009)

How to Find out if you have toxic drywall in your home in Las Vegas

Local attorney files suit against Bank of America – Matthew Q. Callister

Local attorney files suit against Bank of America – Matthew Q. Callister

You can view more info about this at the news 3 website.

HAMP & HAFA Update

Go here to see if your servicer is participating in the HAMP program: http://makinghomeaffordable.gov/contact_servicer.html

There are some complicated rules being implemented as of April 2010 or prior if the servicer, lender or investor opts in by Dec 31, 2009.

City Center VDara Makes History on the Strip – Channel 3

City Center VDara Makes History on the Strip – Channel 3

Nevada Mediation News on Channel 4 – Is it working on not?

Nevada Mediation News on Channel 4 – Is it working on not?

VDara Opens at City Center

When the nearly 1,500-room nongaming Vdara hotel welcomes its first paying customers late tonight, the $8.5 billion CityCenter development opens.
 
The Strip project will open in phases this month after more than five years of development and construction. The 500,000-square-foot Crystals opens Thursday, and the 392-room Mandarin Oriental opens to customers Saturday. Aria, CityCenter’s centerpiece 4,004-room hotel-casino, opens Dec. 16.

The 57-story Vdara, designed by RV Architecture, which is led by Rafael Viñoly, has 1,495 suites, all with fully equipped kitchens. The units include deluxe suites and one- and two-bedroom units ranging from 500 to 1,650 square feet. There are also penthouse units and 250 corner-end suites with panoramic views.

Vdara is a condotel, which means the units can be bought and then placed into a rental program in which they can be leased as hotel rooms when not in use by the owners. The owners and MGM Mirage would share in the revenues produced by the units.

Vdara will have a signature restaurant, Silk Road, created by chef Martin Heierling, who developed Bellagio’s Sensi restaurant. Bar Vdara is in the hotel’s center lobby. Vdara also has an 18,000-square-foot spa, 10,000 square feet of meeting space and a 40,000-square-foot pool deck.

Off Record but Important to All Americans – USS New York Commissioned

USS NEW YORK (LPD-21) arrived in New York harbor on Monday, Nov. 2.  She is one of three new amphibious assault ships named after places in three states where more than 3,000 people were murdered in the infamous terrorist attack of September 11, 2001.  (View Official Website)

Still in construction are the other two: the soon-to-be USS ARLINGTON (LPD-24) named for the Virginia county in which the Pentagon is located, and the USS SOMERSET (LPD-25) named for the Pennsylvania county where American Airlines Flight 93 crashed into a field.

All three ships will go to sea with steel in their bows that was salvaged and re-formed from all three terrorist attack sites: LPD-24’s from the Pentagon building’s structural girders, LPD-25’s from the meltdown of a crane used to excavate the airliner wreckage. other

She officially became a ship of the United States Navy at a formal commissioning ceremony on Saturday, Nov. 7.

During the rest of her visit she will be berthed berthed at Pier 88, on Manhattan’s 12th Ave. at W. 48th St., until Wednesday, Nov. 11.

Juhl Opens and Starts Closing Units

The much anticipated downtown project Juhl Opened in June and has closed about 20 units with five more in the pipe. The lending sector has drastically changed since these units were sold so most buyers who are getting a loan are having troubles. If you have cash in hand that is another story.

If you are interested in current pricing and availablity pleases do not hesitate to give us a call at 702-835-9298. If we do not answer we are on the phone with another client or with a client, please leave your name number and brieft message.

Thank you

Nevada Mediation law may slow new foreclosure default notices

Mediation law may have slowed default notices

The spike in home notice of defauts in July will add to the inventory of foreclosed homes on the market that has dwindled over the past few months starting another buying spree by investors looking to buy with cash offers.

With the moratorium lifted there is nothing holding back the banks from moving forward on homeowners unless they file for mediation within 30 days of receiving the notice of default.

What has your lender/servicer/mortgagee done for you lately? Refi, Loan Modification or Short Sale or just foreclosed on your property.

What has your mortgage holder done for you lately?   Is it Wells Fargo,  Indy Mac, Bank of America AKA Countywide, or host of others.  Some of the smaller ones are participating in the myrid of programs put out by Obama but the big ones aren’t participating.

Have you tried to do a refi or a loan modification?   Been denied?

Have you had to fax documents into your mortgagee and they don’t respond or get your faxes.  When you call in to ask they tell you 21 days to get faxes imaged into the system and call back.

Give use some feedback of what you are hearing whether you are doing it yourself a real estate agent or attorney.

Knowledge is Power.

http://www.hopenow.com

Must Read – Bad loans still make money – Jul 30, 2009 12:06 PM — Scott Jagow

Bad loans still make money – Jul 30, 2009 12:06 PM — Scott Jagow

A group of former Countrywide people launched an IPO today with their new company, PennyMac. Take one guess at what they’re doing. And while we’re at it, let’s talk about why the government’s loan modification program isn’t working.

PennyMac is based in Calabasas, California (sound familiar?), and it plans to make money by buying up failing home mortgages from failed banks and then restructuring the loans. From Forbes/Reuters:

PennyMac’s chief executive is Stanford Kurland, a former president and chief operating officer of Countrywide. At least 10 other top PennyMac officials are alumni of Countrywide, which was also based in Calabasas.

Countrywide was once the largest U.S. mortgage lender, but its aggressive lending practices are widely considered to be a major cause of the nation’s housing crisis.

PennyMac’s business has drawn the attention of critics who have accused Kurland and other Countrywide alumni of trying to profit from a housing crisis they helped create.

Do investors have faith in the crew the second time around? Well, in May, PennyMac predicted its IPO would raise $750 million. It netted $320 million. But the company has raised hundreds of millions from private investors as well, so some people believe PennyMac will find a way to profit.

And why not? What’s left of the mortgage business seems to be doing just fine. The New York Times reports that one reason the government’s loan mod program isn’t going very well is that mortgage companies collect tons of fees on delinquent mortgages:

“It frustrates me when I see the government looking to the servicer for the solution, because it will never ever happen,” said Margery Golant, a Florida lawyer who defends homeowners against foreclosure and who worked in the law department of a major mortgage company, Ocwen Financial. “I don’t think they’re motivated to do modifications at all. They keep hitting the loan all the way through for junk fees. It’s a license to do whatever they want.”

More from the article:

“If they do a loan modification, they get a few shekels from the government,” said David Dickey, who led a mortgage sales team at Countrywide and Bank of America, leaving in March to start his own mortgage advisory firm, National Home Loan Advocates. By contrast, he said, the road to foreclosure is lined with fees, especially if it is prolonged. “There’s all sorts of things behind the scenes,” he said…

“For many subprime servicers, late fees alone constitute a significant fraction of their total income and profit,” said Diane E. Thompson, a lawyer for the National Consumer Law Center, in testimony to the Senate Banking Committee this month. “Servicers thus have an incentive to push homeowners into late payments and keep them there: if the loan pays late, the servicer is more likely to profit.”

One more note on a semi-related subject. The Wall Street Journal reports that the Senate has subpoenaed Goldman Sachs, Deutsche and other banks to inquire about possible fraud in the mortgage market:

The congressional investigation appears to focus on whether internal communications, such as email, show bankers had private doubts about whether mortgage-related securities they were putting together were as financially sound as their public pronouncements suggested. Collapsing values for many of those securities played a big role in precipitating last year’s financial crisis.

If they can’t prove fraud, how about absolute and utter negligence?

$877 PAYMENT FOR SOME NEVADANS FROM COUNTRYWIDE BANK OF AMERICA

$877 PAYMENT FOR SOME NEVADANS

About 3,500 Countrywide Financial borrowers who lost Nevada homes in foreclosure can expect to receive checks for about $877 each early next year, the attorney general’s office said Friday.

The payments are part of a settlement announced in October with Countrywide over deceptive practices in making subprime, first home loans to borrowers around the country.

Subprime loans are those made to consumers with low credit ratings.

Former Countrywide subprime borrowers who lost their homes to foreclosure are expected to receive notices in a few days, Attorney General Catherine Cortez Masto said in a statement.

To qualify, the first payment on the loan must have been due between Jan. 1, 2004, and Dec. 31, 2007. The borrowers must have lost their homes through foreclosure, a short sale or a deed in lieu of foreclosure. A short sale occurs when the lender allows the homeowner to sell the home for less than the amount owed.

Bank of America acquired Countrywide in July 2008 after the end of the period specified in the lawsuit.

The bank agreed to pay $150 million to borrowers in 39 states who went through foreclosure. Nevada was allocated $3 million for 3,467 former homeowners. In addition, the bank offered mortgage loan modifications to Countrywide borrowers and relocation assistance to some customers.

Consumers may phone Rust Consulting at 866-411-6987 or vis countrywidesettlementinfo.com to get more information about the foreclosure settlement.

 JOHN G. EDWARDS LAS VEGAS REVIEW-JOURNAL

Mira Villa, the luxury golf-front community in heart of Summerlin Back on Track

The beautiful condo development called Mira Villa, the luxury golf-front community in heart of Summerlin is back online after a long process of bankruptcy.   The new developer is offering seller financing by Colonial Bank, Tier One Bank, and Nevada State Bank.  These banks have approved an outstanding and accessible in-house financing program for buyers at Mira Villa.

If you have an interested in a condo development with a ton of amenities, quality construction in the heart of Summerlin give us a call.

Beazer Drilled for $50 Million

This week Federal prosecutors said they would not pursue criminal charges against Beazer Homes USA Inc. as long as the company remains in compliance with an agreement to pay up to $50 million in restitution to homebuyers who were allegedly taken advantage of by the builder’s in-house mortgage company.

Who will be next?   Kimball Hills, not a chance their mortgage company changed names twice then closed it’s doors before any buyers came forward based on some of the appraisals we have seen.

Stay tuned.

10 Most Undervalued U.S. Cities as of June 2009

10 Most Undervalued U.S. Cities

Housing research organization IHS Global Insight estimates that the average U.S. home is undervalued by 12.2 percent, and many previously pricey communities are undervalued by considerably more.

A recent study released by IHS used home prices, interest rates, area incomes, population density, and historic premiums and discounts to analyze housing values. It examined 330 markets and found homes are underpriced in 248 of them.

Despite the high percentage of undervalued areas, IHS says “it is too early to call a bottoming,” as “job losses continue, housing inventories remain elevated, and consumers remain wary in light of economic uncertainty.”

Here are the 10 most undervalued areas:

1. Vero Beach, Fla., -42.5 percent
2. Houma, La., -41.4 percent
3. Las Vegas, -40.9 percent
4. Merced, Calif., -40.1 percent
5. Cape Coral, Fla., -39.1 percent
6. Houston, -36.9 percent
7. Midland, Texas, -34.8 percent
8. Lafayette, La., -34.4 percent
9. Vallejo, Calif., -34.3 percent
10. Stockton, Calif., -34.3 percent

Source: CNNMoney.com, Les Christie (06/04/2009)

Smith Center to break ground – Concert hall, theater building to be completed sometime early 2012

Smith Center to break ground – Concert hall, theater building to be completed sometime early 2012

A groundbreaking for the long-awaited Smith Center for the Performing Arts has been tentatively scheduled for May 26, with construction on the concert hall and theater building expected to be complete by early 2012.

The center is to be the anchor of Union Park, a 61-acre development in downtown Las Vegas on what used to be a Union Pacific railroad yard.

Plans for the center include a 2,050  seat multipurpose main hall, an education building that will house a 300-seat cabaret theater, and a 200  seat flexible studio theater for rehearsals, children’s theater and community events.

Great News for First-Time Home Buyers!

Great News for First-Time Home Buyers!

HUD recently announced that qualified First-Time Home Buyers who want to take advantage of the available tax credit of up to $8,000 now have another option available to them to help them become homeowners.

It’s clear that first-time home buyers have been having a major impact on the housing market this year. The National Association of Realtors announced that first-time buyers, who typically account for less than 40% of home sales each year, have been especially busy…in March, homes that were purchased by first-timers accounted for 53% of all sales, and this percentage is expected to hold true for all of 2009.

With home affordability higher than ever, available tax credits and some of the lowest interest rates ever recorded for home loans, who can blame them? Particularly as a first-time buyer, there may never be a better time to buy a home than right now.

However, the availability of a tax credit, while a great incentive, does not put the money in the hands of a buyer right away. HUD’s announcement now allows for prospective and qualified home buyers to borrow the money from approved agencies and lenders.

While details of participating lenders and HUD-approved agencies are not yet available, this should turn up the heat on prospective buyers to get busy searching for their next home. As further details become available, I will get them to you.

In the meantime, alert your database that one more barrier to homeownership is being removed and the time to start shopping is now!

Sincerely,

Matthew Mauzy
Signature One Mortgage
(702) 453-1111
mmauzy@sigonemtg.com

Tropicania Closes 560 Hotel Rooms

Tropicania closed 560 rooms last week for plumbing reasons.  The Trop is one of the oldest resorts on the strip especially in the garden area.   (more)

Fontainebleau Files Lawsuite against Lenders

Review Journal Exerpt: The Fontainebleau late Thursday filed a $3 billion lawsuit against a group of lenders, claiming the banks were reneging on the loan agreements. Fontainebleau Resorts, which owns the Las Vegas project and is controlled by Miami-based developer Jeffery Soffer, admitted in the statement that the banks’ actions could jeopardize completion of the project.  (more)

Tivoli Village at Queensridge Slow Down in Launch Date

As reported in the Review Journal, the $850 million Tivoli Village mixed-use development at Rampart Boulevard and Alta Drive will bring high end shopping and dining in to Summerlin was supposed to launch in 2009 has been pushed back to 2011 due to the economy.

Tivoli Village will have 700,000 square feet of retail space, including 120,000 square feet of restaurants, and 3,500 underground parking spaces. Grand Lux Café, Zefferino’s and Mastro’s Steakhouse are among the restaurants that have already signed leases.

Village Road Show of Australia is building a 36,000-square-foot, eight-screen theater with reclining Lear jet-style seats. A residential component is planned for 340 condos on top of retail, similar to The District at Green Valley Ranch Resort.

Frank Ghery – Lou Ruvo Brain Institute

Las Vegas Appreciation Map 2008 Recap

View Larger Version

2008 Las Vegas Appreciation Map by RJ